Proposed Provision: C2.5. Increase the normal retirement age (NRA) 3 months per year for those age 62 starting in 2024 and ending in 2035 (NRA reaches 70 for those age 62 in 2035). Thereafter, index the NRA to maintain a constant ratio of expected retirement years (life expectancy at NRA) to potential work years (NRA minus 20). We assume the NRA will increase 1 month every 2 years. Also, increase the earliest eligibility age (EEA) from 62 to 64 at the same time the NRA increases from 67 to 69; that is, for those attaining age 62 in 2024 through 2031. Keep EEA at 64 thereafter.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2023204204
2024187187
2025168169
2026149151
2027131134
2028114117
202996100
20307884
20316067
20324351
20332535
2034720
2035-124
2036-31-12
2037-51-28
2038-70-44
2039-91-60
2040-112-76
2041-133-92
2042-154-108
2043-176-124
2044-198-140
2045-220-156
2046-243-172
2047-265-188
2048-288-204
2049-311-220
2050-333-236
2051-357-252
2052-380-268
2053-403-283
2054-427-299
2055-450-315
2056-474-330
2057-498-346
2058-522-362
2059-547-377
2060-572-394
2061-597-410
2062-623-427
2063-650-444
2064-677-462
2065-705-480
2066-733-499
2067-762-518
2068-791-537
2069-820-556
2070-850-576
2071-880-596
2072-911-616
2073-942-637
2074-974-657
2075-1006-679
2076-1039-701
2077-1074-723
2078-1108-745
2079-1144-769
2080-1181-792
2081-1218-816
2082-1256-840
2083-1294-864
2084-1333-888
2085-1373-912
2086-1413-937
2087-1453-962
2088-1494-986
2089-1534-1010
2090-1574-1035
2091-1613-1057
2092-1651-1078
2093-1689-1099
2094-1726-1119
2095-1762-1139
2096-1798-1158
2097-1833-1177
2098-1868-1196
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